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• The Toast for the trucking and logistics industry.
• The Square for the freight and logistics industry, providing payments and specialized financing.
• A Silicon Valley Bank for the transportation and logistics sector.

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• Commercial Banking Services: Provides traditional banking products for businesses, including deposit accounts, treasury management, and various commercial loans.
• Factoring and Asset-Based Lending: Offers specialized financing solutions to businesses by purchasing their accounts receivable (factoring) or lending against their assets (asset-based lending).
• Transportation Payments Network: Operates a payments platform that streamlines the process of paying carriers in the freight transportation industry.

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Triumph Financial (symbol: TFIN) primarily sells its financial services and products to other companies, particularly small to mid-sized businesses. Due to the nature of its business model, which involves providing specialized financial solutions like factoring, asset-based lending, and a focused payments network for the transportation industry, Triumph Financial serves a broad and fragmented customer base rather than a handful of major public companies as direct clients. Therefore, it is not possible to list specific public companies as its major customers.

Instead, Triumph Financial's customer base can be categorized into the following types of businesses:

• Freight Brokers: These companies act as intermediaries, connecting shippers with trucking companies (carriers) to arrange the transportation of goods. They utilize TriumphPay's payment network to efficiently manage and process payments to carriers.
• Trucking Companies (Carriers): Businesses that provide freight transportation services. They often use TriumphPay to receive faster payments for their hauling services and may also leverage Triumph Business Capital for working capital solutions, equipment financing, and other lending needs.
• Small to Mid-Sized Businesses Across Various Industries: A diverse group of companies (beyond just the transportation sector) that utilize Triumph Business Capital's factoring, asset-based lending, and equipment finance services. These businesses seek solutions to manage cash flow, fund growth, and secure working capital, often operating in sectors such as manufacturing, wholesale, distribution, and staffing.

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• Mastercard (MA)
• Stripe
• Transcard

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Aaron P. Graft, Chief Executive Officer

Mr. Graft is the Founder, Vice Chairman, and Chief Executive Officer of Triumph Financial, Inc. He founded Triumph Financial, Inc. in 2003. He also founded and served as President of Triumph Land and Capital Management LLC, where he managed multi-family and commercial real estate projects in receivership and led the acquisition of distressed debt pools. Before establishing Triumph, Mr. Graft worked at Fulbright & Jaworski, LLP (now Norton Rose Fulbright LLP), focusing on distressed loan workouts.

W. Brad Voss, Chief Financial Officer

Mr. Voss is the Executive Vice President and Chief Financial Officer of Triumph Financial, Inc. and TBK Bank, SSB. He has over 20 years of experience in the financial industry. Mr. Voss joined Triumph in a consulting role in 2011 and became a full-time employee in 2012, being promoted to CFO in 2021. Previously, he was Executive Vice President and Treasurer of TBK Bank, SSB, where he was responsible for balance sheet strategy, capital issuance, investments, liquidity, and funding. Prior to Triumph, he served as Senior Vice President and Portfolio Manager with CSG Investments (an affiliate of Beal Bank), focusing on investments in distressed securities. He also worked as a Portfolio Manager for Highland Capital Management, L.P.

Edward J. Schreyer, Chief Operating Officer

Mr. Schreyer serves as Executive Vice President and Chief Operating Officer, a role he was appointed to in 2022.

Todd Ritterbusch, President, Payments & Banking

Mr. Ritterbusch joined Triumph in 2019 and has over 25 years of banking experience. He initially served as TBK Bank's chief lending officer until 2022, when he was appointed president of the bank, and has since taken on an expanded role as President, Payments & Banking.

Adam D. Nelson, General Counsel

Mr. Nelson is the Executive Vice President, General Counsel, and Secretary for Triumph Financial, Inc.

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Key Risks to Triumph Financial (TFIN)

1. Credit Risk and Concentration in the Transportation Industry: A substantial portion of Triumph Financial's business is concentrated in providing financial services to the for-hire trucking ecosystem. This makes the company highly susceptible to economic downturns or other adverse factors impacting the transportation industry, which could lead to increased fraud or credit losses. For instance, the recent Chapter 7 bankruptcy of Tricolor Holdings resulted in a US$60.5 million loan exposure for Triumph Financial's subsidiary, TBK Bank, highlighting the heightened attention on the company's credit risk management. The company has also been noted to have an insufficient allowance for bad loans, currently at 1.4% of total loans. The current "freight recession" has already reduced the number of receivables available for purchase in its factoring segment, underscoring this vulnerability.
2. Market Challenges, Competition, and Margin Pressure: Triumph Financial is navigating a challenging market environment characterized by increased competition and difficult conditions in the factoring market, evidenced by a decline in client applications. The company has experienced a shrinking net interest margin, suggesting a decrease in the profitability of its loan book or increased market competition. Furthermore, its net profit margin has significantly slipped to 1.7% from 4.7% in the prior year, indicating near-term pressure on profitability despite aggressive growth forecasts. The company's stock has also seen a significant decline, down 34.4% for the year and 45.6% over the past three months.
3. Operational Risks, including Cybersecurity and Technology Integration: The growth prospects of Triumph Financial are significantly dependent on the success of its Payments and Intelligence businesses. Failure to attract and retain customers or increase platform usage could hinder this growth. Cybersecurity events pose a significant risk due to the high volume of sensitive information handled by the company, with any breach potentially leading to financial loss, reputational harm, and regulatory action. Additionally, the successful integration of strategic acquisitions, such as Greenscreens, is crucial for anticipated revenue growth and synergistic benefits, and delays or inefficiencies in this process could pose a risk. The unforeseen impact of AI and machine learning models on reducing the value of network transactions for factors also highlights an ongoing technological challenge requiring adaptation.

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The growing trend of major digital freight brokers, logistics platforms, and transportation management system (TMS) providers integrating their own or partner-driven payment, quick pay, and financing solutions directly into their platforms. By leveraging their existing transactional data and user base, these platforms offer embedded financial services that directly compete with Triumph Financial's specialized offerings, such as TriumphPay's payment network and Triumph Business Capital's factoring services. This trend risks disintermediating third-party financial service providers in the logistics ecosystem by providing seamless, integrated financial solutions within the primary logistics workflow.

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For its main products and services, the addressable markets in the U.S. are sized as follows:

• Factoring: The U.S. factoring services market was valued at approximately USD 171.98 billion in 2024 and is projected to grow to about USD 287.61 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.4% from 2025 to 2030. Other estimates place the market at USD 197.80 billion in 2025, expected to reach USD 300.59 billion by 2030 with a CAGR of 8.73%.
• Banking (Commercial Lending): The Commercial Lending Market in North America, with the U.S. holding approximately 75% of the market share, was estimated at USD 2,987.59 billion in 2024. The U.S. commercial banking market, more broadly, was valued at USD 231.9 billion in 2024 and is expected to reach USD 351.8 billion by 2033. Another estimate for the US commercial banking market size is USD 732.5 billion in 2025, forecasted to reach USD 915.45 billion by 2030.
• Payments (Trucking Industry): The addressable market for payments within the trucking industry in the United States, which TriumphPay serves, is represented by the annual freight revenue, estimated at $875 billion.
• Intelligence: Null

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• Growth in Transportation Revenue and Payments Business: Triumph Financial anticipates continued revenue growth within its payments business, particularly in transportation revenue, targeting 20% annual growth. This growth is expected to be fueled by the ongoing adoption of its payments network and new partnerships, such as the onboarding of C.H. Robinson and RXO, which are projected to drive increased transaction volume.
• Expansion and Enhancement of Intelligence Offerings: The company is poised for revenue growth through the expansion of its intelligence offerings in the logistics industry. This includes the strategic acquisition of Greenscreens AI, Inc., and the enhancement of services for brokers to include advanced pricing, performance, and capacity insights, as well as contributions from LoadPay.
• Increased Pricing for TriumphPay Customers: Triumph Financial has identified a high-margin revenue opportunity by increasing pricing for its TriumphPay customers. This initiative is expected to contribute to future revenue expansion.

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Share Repurchases

• Triumph Financial completed an accelerated share repurchase transaction on April 28, 2023, repurchasing 1,209,327 shares of its common stock for a total cost of $70 million.
• On May 4, 2023, the board of directors authorized a new share repurchase program for up to an additional $50 million of outstanding common stock.
• On October 15, 2025, the board authorized a new share repurchase program of up to $30 million.

Share Issuance

• Triumph Financial's shares outstanding have shown a net reduction over the past few years, decreasing from 24.78 million in 2021 to 23.17 million in 2023, and then slightly increasing to 23.59 million by November 2025, indicating that share repurchases have generally offset any issuances.

Capital Expenditures

• Capital expenditures for the fiscal year 2024 were approximately $62.79 million.
• Capital expenditures for the fiscal year 2023 were approximately $23.92 million.
• Capital expenditures for the latest 12 months ending September 30, 2025, were approximately $17.50 million.